End-to-end big data analytics application provider Datameer found the most prevalent use case for big data is to better understand customer analytics. With consumers now interacting with companies across multiple, measurable channels, their interactions produce data that businesses can use to better respond to and anticipate customer needs.
Azita Martin, Chief Marketing Officer at Datameer relates an example of how credit card companies are now able to analyze large amounts of data as a single set – rather than in separate silos. Their insights that have resulted in a 25 percent increase in conversion rates and $3.5 million savings in yearly digital ad spend.
By analyzing customer interaction data, businesses can accelerate customer acquisition, encourage repeat business, and improve customer loyalty by answering questions such as:
- Which product features drive user adoption?
- Defining different customer segments and different buying journeys
- What behavior signals churn?
- Which campaign combinations accelerate conversion?
The infographic below illustrates these types of customer analytics success stories.